On Wednesday’s broadcast of the Fox Business Network’s “Kudlow,” Sen. Kevin Cramer (R-ND) stated that the Biden administration’s plan to spend billions of dollars to help people afford increased heating bills over the winter that Biden’s energy policies caused will exacerbate inflation since it’s throwing more money into the economy.
Cramer said, “[E]ven if you don’t understand energy, if you just understand supply-side economics a little bit, you’d understand that discouraging supply and increasing demand is going to bring up the price. And that if you discourage further production, that the companies will have less to do with their money. They can’t reinvest it. You won’t let them reinvest it. So, it’s all very peculiar. And, like I said, I think it’s desperate. I’m not sure the president understands economics 101. But certainly, the treasury secretary should understand it. So, no, it’s very frustrating. But throw on top of that, now they want to give a whole bunch of money to people so they can pay their rising heat costs this winter, which are going to be, perhaps, as much as 50% or more higher than last year because of their policies, and then they’re going to put more money into it, which, of course, again, free money, oversupply of cash, just brings the price up even more. That’s not to say people don’t need the help. They’re going to need the help, but they’d rather have lower prices.”
Follow Ian Hanchett on Twitter @IanHanchett
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